" Federal Funds Effective Rate (FEDFUNDS)," Select Date "February 2007 to December 2009."įederal Reserve Bank of St. " The Financial Crisis Inquiry Report," Pages 8, 256, 325, 339-340, 435.įederal Reserve Bank of St. " Bank Failures in Brief – Summary 2001 Through 2022." " The Financial Crisis Inquiry Report," Pages 127-129, 142.įederal Deposit Insurance Corporation. " Housing Policy, Subprime Markets and Fannie Mae and Freddie Mac: What We Know, What We Think We Know and What We Don’t Know,". " Federal Funds Effective Rate (FEDFUNDS)," Select Date "December 2000 to August 2004."
" S.3066 - Housing and Community Development Act of 1974."įederal Reserve Bank of St. " Crisis and Response: An FDIC History, 2008-2013: Overview," Pages xiv, xxii " Asian Financial Crisis: July 1997–December 1998."įederal Deposit Insurance Corporation. " Oil as a Stragetic Resource: Impact of the 1973 Oil Crisis on the Korean Peninsula,". " Dow Jones - DJIA - 100 Year Historical Chart." " The 1929 Stock Market Crash."įederal Reserve History. " Chapter Twenty-Seven, The Credit Crisis of 1772/3 in the Atlantic World," Pages 491-492.Įconomic History Association. " The Destruction of the Tea and the Coercive Acts."Īcademia. Open Educational Resources, City University of New York.
" The Real Story of the Dutch Tulip Bubble Is Even More Fascinating Than the Myth You’ve Heard." Despite being severe and with global reach, markets and national economies rebounded quickly and by early April 2020, the S&P 500 had began a decisive rise, surpassing its pre-pandemic high in August 2020.īarron's. This was a result of the COVID-19 pandemic, which caused widespread panic and uncertainty about the future of the global economy. From February 20 until Mathe S&P 500 lost over 30% of its value. A global stock market crash began in February 2020. Huge bailouts and other measures meant to limit the spread of the damage failed and the global economy fell into recession. It started with a subprime mortgage lending crisis in 2007 and expanded into a global banking crisis with the failure of investment bank Lehman Brothers in September 2008. This financial crisis was the worst economic disaster since the Stock Market Crash of 1929. The 2007-2008 Global Financial Crisis.In its wake, the crisis led to better financial regulation and supervision. The result was a huge devaluation that spread to much of East Asia, also hitting Japan, as well as a huge rise in debt-to-GDP ratios. Lacking foreign currency, the Thai government was forced to abandon its U.S. This crisis started in July 1997 with the collapse of the Thai baht. Given that modern economies depend on oil, the higher prices and uncertainty led to the stock market crash of 1973–74, when a bear market persisted from January 1973 to December 1974 and the Dow Jones Industrial Average lost about 45% of its value.
By the end of the embargo, a barrel of oil stood at $12, up from $3. OPEC members started an oil embargo in October 1973 targeting countries that backed Israel in the Yom Kippur War. A wide range of regulations and market-managing tools were introduced as a result of the crash. One trigger of the crash was a drastic oversupply of commodity crops, which led to a steep decline in prices. It led to the Great Depression, which was felt worldwide for over a dozen years. 24, 1929, saw share prices collapse after a period of wild speculation and borrowing to buy shares. Historians draw a line from this crisis to the cause of the Boston Tea Party-unpopular tax legislation in the 13 colonies-and the resulting unrest that gave birth to the American Revolution. The crisis quickly spread to much of Europe. Panic led to a run on English banks that left more than 20 large banking houses either bankrupt or stopping payments to depositors and creditors. Alexander Fordyce, a partner in a large bank, lost a huge sum shorting shares of the East India Company and fled to France to avoid repayment. After a period of rapidly expanding credit, this crisis started in March/April in London. With this in mind, it is difficult to tell if the crisis was precipitated by over-speculation or by the pandemic. Though some historians argue that this mania did not have so much impact on the Dutch economy, and therefore shouldn't be considered a financial crisis, it did coincide with an outbreak of bubonic plague which had a significant impact on the country.
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